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Is Bitcoin A Safe Investment?

Bitcoin can be a wise investment, but it’s also a volatile one. When it comes to “safe” investments, bitcoin and other cryptocurrencies are a good bet—but only if you’re willing to take a lot of risks. Yes, crypto is here to stay and the price of bitcoin is not going to “go to zero” as many early skeptics predicted. But the price of a Bitcoin has swung from $30,000 to $60,000 in the last three months alone. Other, lesser cryptocurrencies are even more volatile than Bitcoin.

As a result, investment experts generally advise limiting any cryptocurrency purchases to under 5% of your portfolio—and ensuring you have a good conventional retirement investment strategy in place first. Before investing in bitcoin or any other cryptocurrency, you should establish an emergency fund and pay off any high-interest loans.

Many individuals are concerned about hacking and fraud when it comes to bitcoin investing, as with any other digital investment. According to data from the Federal Trade Commission, crimes involving cryptocurrency resulted in a median loss of $1,900 in the last two years.

While bitcoin and many other cryptocurrencies are established and legitimate, many new initial coin offerings (ICOs) are bogus.  An ICO is when a cryptocurrency is first offered to investors before it goes public. However, new coin offerings can often be faked, leading investors to place their money in a cryptocurrency that doesn’t exist in reality.

Before investing in any cryptocurrency, do your homework. What appears to be an unbelievably high return can very likely be a scam. The project’s white paper is a good place to begin your investigation.

Avoid “Pump and Dump” Schemes

Some small groups of investors may artificially inflate a coin price and convince smaller investors to invest in the coin. The initial investors then sell their shares at a profit before the price falls. Traditional investments like stocks are also susceptible to this type of strategy. If a coin’s ROI sounds too good to be true, it probably is. Be wary of cryptocurrencies whose value has skyrocketed for no apparent reason. They fall as they rise.

How to Keep Your Bitcoin Safe

Even hot wallets offered by cryptocurrency exchanges and third parties to store your funds are still susceptible to hacking. The Federal Deposit Insurance Corporation (FDIC) does not guarantee cryptocurrency held on an exchange or in a wallet. Ensure the  cryptocurrency trading platforms you are using offer rigorous security measures, including two-factor authentication for customers, and are retaining a considerable portion of their holdings in cold storage. In the event of theft or hacking, certain exchanges may even offer private insurance policies.

Generally, look before you leap – and invest in offline cold storage that is not connected to the internet, comparable to a USB drive, to keep your assets safe. Your password should be kept in a place where you won’t lose it. Investing in bitcoin will be more secure if you meet all of these criteria.

Ransomware Attacks

Ransomware is malware (malicious software) that utilizes encryption to hold a victim’s data ransom. Important data is encrypted to block the owner’s access to files, databases, or software. To gain access, a ransom is then demanded. The most dangerous aspect of ransomware is how rapidly it can spread across a network and affect all of an organization’s databases and servers.

Cybercriminals make billions of dollars from ransomware, and businesses and governments pay a high cost in ransom, expenses and lost data.

Recent Ransomware Attacks

Companies like the Colonial Pipeline, Steamship Authority of Massachusetts, JBS (the world’s largest meatpacker), and the Metropolitan Police Department of Washington, DC were attacked in 2021. The ransom payments to the hackers caused the shutdown of critical infrastructure and subsequent deficiencies, enhanced costs of goods/services, the shutdown of operations and financial losses.

Attacks on the healthcare sector

In 2020, ransomware attacks cost the economy $20 billion in impacted revenue, lawsuits, and ransom paid, according to a new report. A total of 92 ransomware attacks hit more than 600 healthcare facilities in 2020.

Colonial Pipeline Attack

In April 2021, due to the pipeline’s critical role in the national infrastructure system, this attack had a significant impact on the US. Major disruption in gas supplies caused an uproar on America’s east coast after system failures halted the flow of gas.

Brenntag Attack  

Brenntag,  a chemical marketing firm, was targeted by DarkSide in May 2021. The hackers stole 150GB of data, for which Brenntag paid $4.4 million (of the $7.5 million demanded).

Quanta Attack

In April 2021, the REvil gang demanded a $50 million ransom from computer manufacturer Quanta. Apple product blueprints obtained from Quanta were leaked, and the hackers threatened to expose more sensitive information and files.

Acer Attack

The REvil hacker group, which also targeted Travelex, a London-based foreign exchange firm, attacked Acer in May 2021. To date, the $50 million ransom is the largest ever recorded.

CNA Attack

A ransomware attack on a large insurance firm occurred in March 2021. The hacker group targeted CNA’s network, encrypting 15,000 devices, many of which belonged to remote workers.

Rockets Attack

In April 2021, the hacker group Babuk was alleged to have compromised 500GB of private documents about the Houston Rockets from the National Basketball Association (NBA).

AXA Attack.

The Avaddon gang struck European insurance company AXA in May, shortly after major alterations to their insurance policy were made public.

How to Avoid Ransomware Attacks

Be prepared to lessen the chances of an attack. Ensure you have anti-ransomware software installed on all of your computers. If a link is not safe, do not click on it.

As a result of malicious websites, software downloads, and spam mail, ransomware infections can spread. To avoid phishing, do not give out personal information. Never open an attachment from an unknown email. Keep your software and operating system current.

Not only should you avoid downloading files from untrusted sources, but avoid using USB drives. When using public WiFi networks, be cautious. Use only a VPN.

What to Do When You Are Attacked?

To begin, never pay a ransom to decrypt your files when you have no way to be sure you’ll get them back. Your Wi-Fi should be turned off and the network disconnected.  Investigate the attack online using a different device to find out the type of ransomware and any other info displayed on your screen. Take a picture as a record. Consult an expert about your system and notify the appropriate authorities about the attack. And to protect others from the attack, please report it to Bitcoin Who’s Who here: Report Bitcoin Ransomware

What Is A Bitcoin Address And How Do You Use It?

Bitcoin Wallet

A Bitcoin wallet is a software program that helps to keep track of your Bitcoins. To be technical, Bitcoins are not stored anywhere; a private key (secret number) for each Bitcoin address is kept inside the Bitcoin wallet of the person who bought that amount. Users can transfer and receive Bitcoins via Bitcoin wallets, which also give them ownership of their Bitcoin balance.

Wallet Address

A Bitcoin wallet address functions similarly to a bank account number. It’s a one-of-a-kind 26–35-digit letter-and-number combination that appears like this: 1ExAmpLe0FaBiTco1NADr3sSV5tsGaMF6hd. Your Bitcoin wallet address can be shared with others.

What Is My Bitcoin Address and How Does It Work? - unblock.net

Types of Wallet Addresses

Vanity Address

To put it another way, vanity addresses are Bitcoin addresses that begin with words like your name or company’s name or any other word you desire in your Bitcoin wallet address can help your wallet become distinct when receiving or transferring Bitcoin.

How To Bid Ens Myetherwallet How Tio Install The Nano Ledger S – Clinvacin

How to Create a Vanity Address

To ensure the safety of your private key and public key pair, you should create the key yourself. First method is using a processor and a CPU. It is more like mining it yourself where you compute it with a software like Vanitygen. 

The second method is using pool generator. Pool generators are Bitcoin miners. They will use software, GPU and CPU to generate the address and forward it to your email.

Multi-Signature Address

A Bitcoin address containing multiple private keys is known as a multi-signature address. To authorize a multi-signature transaction, you’ll need more than one private key. These are commonly set up as m-of-n addresses. 

A 2-of-2 multi-sig address, is associated with two keys and requires two valid signatures for the transaction to be legitimate. To produce a successful transaction, a 2-of-3 multi-sig address is paired with three keys and requires two valid signatures out three. Traditional addresses are more difficult to steal from than multi-sig addresses.

How to create a Multi-Signature Address

  • Use “get a new address” or “get account address” RPC commands to generate three bitcoin addresses. Also, you can copy and paste from the GUI.
  • Use “validate address” RPC command three times to get the public keys of those addresses.

How can one see if an address is multisig? - Bitcoin Stack Exchange

  • Add multi-sig address to generate a 2-of-3 multi-sig address; for example: bitcoin add multisig address 2 ‘[“044322868cb17d64dcc22185ae2d4493111d73244c3668f8ac79ecc79c0ba8d30a6756d0fa20157 709af3281cc721c7f53321a8cabda29b 
  • Be cautious, as the public keys are in raw hexadecimal format and do not include checksums such as bitcoin addresses. The standard send to address/send many RPC commands, as well as the GUI can then be used to send money to that 2-of-3 transaction.

SegWit Address

Transaction signatures and scripts (the so-called “witness data”) are separated from other data in a process known as “Segregated Witness,” or “SegWit.” Layer 2 Bitcoin scaling is enabled by removing non-intentional transaction malleability. Segwit has lower fees as more Segwit transactions can fit in a Bitcoin block.

How to create SegWit (Bech32) BTC wallet address? | CoinDeal - safe crypto  exchange

The Bech32 address standard is used in conjunction with SegWit. The characters “bc1” start all Bech32 addresses, which is alternatively “native SegWit” addresses, while Legacy addresses start with a “1.” SegWit (Bech32) which is receiving addresses, and are now used as the default in Blockchain.com Wallet. Segwit fees are lower.

How to create a SegWit Address

The steps to create a SegWit address are: 

  • Log in to your Singlesig Bitcoin wallet using Blockstream Green. 
  • Select Add New Account. 
  • Choose SegWit and give your account a name. 
  • On the Accounts page, you should now see your freshly formed SegWit account. 

To use it, simply tap on it. When you pick Receive, a bech32 address will be produced. Not every service supports bech32 addresses yet.